Top 3 Evils That Has Befallen Nigeria Since Buhari Became President



President Buhari
Written by Emenike Emmanuel
Contrary to what some people may believe, considering some of the articles I wrote in some magazines and online journals, I am not a supporter of any political party; neither does any individual pay me to write. Like President Muhammadu Buhari, “I belong to nobody”.
The echoes of “change!” were the mantra used to deceive some gullible Nigerians during the last concluded election. But not up to a year the new administration was sworn in, Nigeria has experienced more setbacks than the progress it has ever made. It is more like half a step forward, several steps backward.


I may not be far from the truth if I should say that President Muhammadu Buhari while he looked from an observer’s point of view underestimated the problems of Nigeria. This prompted him to make lots of unrealistic promises, including paying N5,000 monthly allowance to unemployed youths, making $1 equal to N1 and so on and so forth. And the question is; does Nigeria have a data that shows the number of unemployed youths? Is N5,000 the true and lasting solution of unemployment? I guess NO.

 Without further delay, let me quickly welcome you into the top 10 evils that has befallen Nigeria since Buhari became the President on May 29, 2015.

NOTE: I will continue expanding on this topic and other related matters if I get your response

1.     Nigeria de-listed from JP Morgan Government Bond Index for Emerging Market
When Balarabe Musa, a former governor of Kaduna said that “Buhari has destroyed Nigeria in 6 months” many people found it difficult to believe but a collation of the activities that has happened and is happening in Nigeria is a proof to that.
In 2012, Federal Government led by former President Goodluck Ebele Jonathan with the economic advice of Dr Ngozi Okonjo-Iwela enlisted Nigeria as one of JP Morgan’s emerging government bond indices but in October, 2015 (5 months President Buhari came to power)  due to lack of liquidity for transactions and transparency in the determination of exchange rate, Nigeria was delisted.


What happened now that Nigeria has been delisted from JP Morgan’s government bond index for emerging market?

According a report by VENTURES AFRICA, as Nigeria has been removed from JP Morgan Index, many foreigners were forced to sell off their Nigerian bond holdings, worth about $2 billion.
Speaking further on this issue, Gregory Kronsten, Associate Director Head, Macroeconomic & Fixed Income Research FBN Capital said; “There are many foreign portfolio investors who knew little about investing in Nigeria but decided to invest because it is listed on the JP Morgan’s GBI-EM Index.”
  
2.       The first 2 elections conducted in his administration were all declared ‘inconclusive’

 

The first 2 elections conducted by this new administration have always been tagged “inconclusive”. This has made Nigerians online question whether Independent National Electoral Commission (INEC) has changed to Inconclusive National Electoral Commission.  
Previously it was Kogi State and just recently, it is Bayelsa.
 I cannot help but pity Nigerians and her politicians should this one party system they are working so hard to form at all levels become a reality. No doubt, Nigeria will become the most terrible country to live in.
  
3.    Despite billions of naira given to Governors as bailout fund to clear arrears of salaries, many governors are yet to pay their salaries and Buhari do not care to ask

 

Notwithstanding the CBN Governor’s warning to Governors of 19 States who had received a total sum of N222 billion from the Federal Government to offset their salary arrears not to use the bailout fund for contracts but that it should be judiciously used, many States are still owing their workers.

And the big question is; WHY ARE THEY STILL OWING WORKERS?

I think President Buhari should also monitor how these monies were spent. Secondly, the previous governors who vacated their seats with heavy bunches of debts for the new governors must be brought back to account for what they used the money budgeted for salaries for.

Despite naira devaluation which has drastically reduced the worth of minimum wage from $112.5 to $71.71, some of the governors are still hoping to either slash down the minimum wage or retrench workers. 

To be continued from the Top 4.

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